Instructions For Form M706 - Estate Tax - Minnesota Department Of Revenue - 2016 Page 6
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7Line Instructions
(continued)
You must use an account that is not associ-
Power of Attorney
Line 17
ated with any foreign banks. If the routing
Interest
If you are the executor or personal repre-
or account number is incorrect or is not
You must pay interest on any unpaid tax
sentative of the decedent’s estate, you may
accepted by your financial institution, your
and penalty from the regular due date until
complete the section on page 2 of Form
refund will be sent to you in the form of a
the total is paid. Interest accrues even if the
M706 to designate another person to act
paper check.
deadline for filing the return or paying the
on your behalf before the department with
tax has been extended.
respect to the administration of the estate
By completing line 20, you are authorizing
tax. By granting someone power of attorney,
the department and your financial institu-
The rate of interest may change from year to
you will no longer receive any correspon-
tion to initiate electronic credit entries, and
year. The interest rate for 2016 is 3 percent.
dence from the department regarding the
if necessary, debit entries and adjustments
(M.S. 270C.40)
decedent’s estate; instead, your primary
for any credits made in error.
To determine the interest to enter on line
appointee will receive all mailings concern-
17, complete Worksheet C on page 3 of
Signature of the Executor
ing the estate.
Form M706. (M.S. 289A.55)
The executor of the estate must sign the
Despite the redirection of correspondence
completed Form M706. (M.S. 289A.10,
described above, you will continue to
Line 18
subd. 1)
receive any tax refunds, unless you submit a
Amount Due
Form REV184, Power of Attorney, directing
If the estate owes Minnesota estate tax,
If more than one executor was appointed by
refunds to the appointee, as well.
penalty or interest, you may pay the amount
the Probate Court or Probate Registrar, all
electronically or by check. See Payment Op-
appointed executors must sign the form.
If you prefer, you may withhold specific
tions on page 2.
powers from the appointee by checking the
If you wish to grant power of attorney to
box below and listing the excluded pow-
someone, complete the power of attorney
Line 20
ers in the space provided at the bottom of
form on page 2 of Form M706 and check
To Request Direct Deposit of Refund
this page. If you have questions regarding
the box after your signature (see the next
If you want the refund on line 19 to be
the Power of Attorney election, contact the
section), or file Form REV184, Power of At-
directly deposited into the estate’s checking
department by calling 651-556-3075.
torney, with the department.
or savings account, enter the routing and
The department is prohibited by law from
account numbers. You must use an account
disclosing any information it may have in
not associated with any foreign banks.
its records about the decedent’s estate except
to persons who have been granted power of
You can find your bank’s routing number and
attorney and to the decedent’s heirs, next of
account number on the bottom of your check.
kin, or persons who hold an interest in any
of the decedent’s property.
The routing number must have nine digits.
The account number may contain up to 17
digits (both numbers and letters). Enter the
number and leave out any hyphens, spaces
and symbols.
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